I have a thing about not paying tax. Legally of course! Any way I can advise a business or individual and help them to pay less tax feels like job done to me!
So below, I’ve listed some ways in which you can save tax, and reduce the amount you may be paying. Various reliefs, allowances and other tips which could save you a pretty penny!
Of course, if you do have any tax questions or want to know if any of the below applies to you, then get in touch, and I can take a look at your individual circumstances.

• Tax-deductible expenses – if you are self-employed, then you are able to claim expenses against your tax bill. However, there are some instances where you aren’t allowed to claim anything, so it’s worth running this past an accountant. However, you are able to claim a proportion of costs in terms of heating and lighting if you work from home, and you can also claim a proportion of running your car if you use it for business as well as for personal use
• Again, if you are self-employed and you make a loss in one year, then you can carry this forward to offset against any profits in the next year
• You could consider renting out a room in your home. If you take in a lodger and rent a furnished room, then you can earn up to £7,500 before having to pay any tax
• If you have a property you rent out, then you can claim various costs before declaring the final income that you have received. This includes letting agent fees, any gardeners or cleaners, maintenance and repairs to the property, content insurance etc. Again, it is probably worth running this past an accountant to ensure you have included everything you are entitled to, and not included something you’re not!
• Consider transferring savings or investments to your husband, wife or civil partner if they don’t pay as much tax as you
• If you are employed by your company, then you could consider using some of your salary to exchange for tax-free childcare vouchers which you then send to your childcare provider
• Don’t forget to use your ISA allowance. You can pay into an ISA whether it’s cash, stocks or shares, or a mixture of both up to £15,240 completely tax-free
• If you want to make a cash gift to your children, then you can use Junior ISAs (which replaced the Child Trust Fund) and give up to £4,080 in one year
• Play the lottery! Any money you win is completely tax free, as are any winnings from premium bonds. In fact, if you get lucky at the horses, or fancy having a go at spread betting, then you’re quids in if you win!
• The annual investment allowance can be of real use to you if you are a landlord or self-employed. If you need to make some investment into equipment or tools to run your business or for your rental property, then you can claim tax relief of up to £200,000 per year. If you need to purchase computers etc., then don’t forget about this!

All of the above (if it applies to you) could make a big difference, but it’s definitely worth getting the right advice to ensure it’s right for you. Fortunately, it’s a subject I love, so why not get in touch!